Saxo Bank vs Swissquote - Fees Review included
Which broker is better Saxo Bank or Swissquote? Our expert assessment conducted according to TU’s own methodology showed that Saxo Bank is one of the top brokers in the financial market with the TU Overall Score of 6.97 out of 10. Swissquote is one of the top brokers in the financial market with the TU Overall Score of 6.93 out of 10. Find out more about TU Overall Score.
| Feature | Saxo Bank | Swissquote |
|---|---|---|
Overall |
4.5 |
4.3 |
4.8 |
4.8 |
|
4.6 |
3.6 |
|
5 |
5 |
|
Investment Instruments |
4.2 |
4.3 |
Platforms and Charting Tools |
4.6 |
4.7 |
Deposit and Withdrawal |
4.0 |
4.0 |
Research |
5 |
4.5 |
Education |
3.6 |
4.6 |
Support |
4.4 |
4.0 |
Bonuses |
3.6 |
3.6 |
|
|
|
Saxo Bank vs Swissquote: Pros and Cons
The SaxoBank brokerage company was founded in 1992 under the original name Midas. In 2001, the broker was licensed by the FSA, a Danish Financial Supervisory Authority. After that, the company changed its name to SaxoBank. Today the broker provides online access to various financial markets to clients from 170 countries. The broker's divisions also have licenses from FCA (UK), ASIC (Australia), and licenses from other regulators.
The Swissquote brokerage firm has been operating in the Forex market since 1996. The company is regulated by the Swiss Financial Markets Authority (FINMA). The company is a member of the Swiss Bankers Association. It has offices in many financial capitals of the world: Zurich, London, Dubai, Hong Kong and is moderately popular among traders. The company falls short in the category of customer service when compared to other top companies and is significantly inferior to popular Forex brokers in many other respects also.
| Saxo Bank | Swissquote | |
|---|---|---|
| Overall Pros | favorable trading terms for professional traders with at least 1 year of experience | availability of a license from an authoritative regulator |
| over 71 thousand instruments for trading | a wide range of financial services | |
| the opportunity to invest in ready-to-use long-term portfolios managed by professionals | a large selection of deposit currencies | |
| Overall Cons | Cent accounts are not available | high spreads and commissions |
| a ban on algorithmic trading for traders from abroad | large deposit | |
| you cannot contact support in the online chat on the company's website (The chat is available only after full registration on the broker’s website and passing KYC). | few promotions, bonuses, contests, or other special offers |
Saxo Bank vs Swissquote: Safety and Regulation
| Saxo Bank | Swissquote | |
|---|---|---|
Max. Regulation Level |
Tier-1 |
Tier-1 |
Investor protection |
£85,000 €20,000 CHF 100,000 |
£85,000 €20,000 SGD 75,000 HKD 500,000 CHF 100 000 |
FCA UK Regulation |
Yes |
Yes |
FINRA (U.S) |
No |
No |
BaFin (Germany) |
No |
No |
ASIC (Australia) |
Yes |
No |
CFTC (U.S) |
No |
No |
MAS |
Yes |
Yes |
FSCA SA |
No |
No |
BVI FSC |
No |
No |
VFSC |
No |
No |
FSA (Seychelles) |
No |
No |
Saxo Bank vs Swissquote: Trading Conditions
| Trading Conditions | Saxo Bank | Swissquote |
|---|---|---|
Minimum Deposit |
$0 |
$1000 |
Trading Platforms |
SaxoTraderGo, SaxoTraderPro |
MT4, MT5, Advanced Trader |
Max Leverage (Futures) |
1-30 |
1-100 |
Supported Markets |
Forex, CFDs, stocks, ETFs, futures, bonds, Forex options, quoted options, Mutual Funds, Options |
Forex, CFD, precious metals, stock indices, bonds, commodities, cryptocurrencies |
Trading assets |
71000+ |
10000+ |
Trading Accounts |
Classic, Platinum, VIP, Professional |
Standard, Premium, Professional, Prime |
Base Account Currencies |
USD, EUR |
USD, EUR, JPY, GBP, CHF, CAD, AUD, TRY, PLN, SEK, NOK, SGD, XGD, HUF, CZK |
Saxo Bank vs Swissquote: Fees
| Saxo Bank | Swissquote | |
|---|---|---|
Standard acc. spread EUR/USD, min pips |
0,2 |
1,1 |
Standard acc. spread EUR/USD, max pips |
0,9 |
1,7 |
ECN Commission |
2,5 |
|
ECN Spread EUR/USD |
0,3 |
|
Deposit fee, % |
No |
0-1,9 |
Withdrawal fee, % |
No |
No |
Withdrawal fee, USD |
No |
No |
Inactivity fee, $ |
No |
10 |
A conversion fee may be applied as withdrawals and deposits are conducted in USD. Any other currency will have to be converted.
Saxo Bank vs Swissquote: Trading Assets
| Asset Name | Saxo Bank | Swissquote |
|---|---|---|
Overall |
71000+ |
10000+ |
Forex |
Yes |
Yes |
Stocks |
Yes |
No |
Metals |
Yes |
Yes |
Cryptocurrencies |
Yes |
Yes |
Energy |
Yes |
Yes |
Indices |
Yes |
Yes |
ETFs |
Yes |
No |
Bonds |
Yes |
Yes |
Mutual funds |
Yes |
No |
Stock options |
Yes |
No |
Futures Trading |
Yes |
No |
Binary Options |
No |
No |
Saxo Bank or Swissquote: Investment Programs
| Asset Name | Saxo Bank | Swissquote |
|---|---|---|
Copy Trading |
No |
No |
MAM/PAMM |
No |
Yes |
Managed Accounts |
Yes |
No |
Other |
No |
Themes Suggestions |
Trading Platforms: Swissquote or Saxo Bank
| Saxo Bank | Swissquote | |
|---|---|---|
MT4 |
No |
Yes |
MT5 |
No |
Yes |
cTrader |
No |
No |
Appropriate platform |
SaxoTraderGo, SaxoTrader Pro |
Advanced Trader |
Others |
No |
No |
|
|
|
Saxo Bank vs Swissquote: Deposit and Withdrawal Methods
| Saxo Bank | Swissquote | |
|---|---|---|
Bank Wire |
Yes |
Yes |
Bank Card |
Yes |
Yes |
Neteller |
No |
No |
BTC |
No |
No |
Wise |
No |
No |
Payoneer |
No |
No |
USDT |
No |
No |
Saxo Bank vs Swissquote: Research
| Research Type | Saxo Bank | Swissquote |
|---|---|---|
News Feed |
Yes |
Yes |
Fundamental Data |
Yes |
Yes |
Chart Analysis |
Yes |
Yes |
Trading Ideas |
Yes |
No |
E-Mail Reports |
Yes |
No |
Saxo Bank vs Swissquote: Education
| Education Type | Saxo Bank | Swissquote |
|---|---|---|
Demo-account/Paper Trading |
Yes |
Yes |
Webinars |
Yes |
Yes |
Articles |
No |
Yes |
Videos |
No |
Yes |
Cent account |
No |
No |
Swissquote vs Saxo Bank: Support
| Support Features | Saxo Bank | Swissquote |
|---|---|---|
Working Days |
24/5 |
24/5 |
No |
No |
|
Phone |
Yes |
Yes |
Online chat |
Yes |
Yes |
Other |
No |
No |
Saxo Bank vs Swissquote: Forex Bonuses and Promo
| Promo | Saxo Bank | Swissquote |
|---|---|---|
Forex Bonus |
No |
No |
Affiliate Program |
“Member gets member” represents a remuneration accrual for attracting new clients who have replenished a trading deposit at least once. When replenishing from $10,000, the partner gets $500; from $200,000 - $1,000; from $1,000,000 - $3,000 |
Recommend Swissquote Bank and receive cash bonuses of up to CHF 800 for every customer you refer. |
Other Promos |
Accrual of points for account replenishment and qualified transactions. Once you have collected enough points, you will be promoted to a higher account level, allowing you to improve your trading conditions. |
No |
|
|
|
Top 5 Reviews on Saxo Bank
-
Comment
For a passive investor, Saxo Bank can be attractive due to the absence of a lock-in period in its SaxoSelect portfolios—funds can be withdrawn at any time. Investors can choose from portfolios with varying risk levels, from moderate to aggressive. However, the minimum entry threshold is $10,000 or the equivalent in euros. The broker operates in 170 countries, offers support in 20 languages, and emphasizes high liquidity, which is especially important for traders making multi-million dollar transactions.
-
Comment
Saxo Bank is regulated by several reputable authorities, including the FCA and the Danish FSA, and it partners with over 50 major liquidity providers — among them HSBC, JP Morgan, and NASDAQ OMX. The minimum lot size is 0.05, and the trading conditions are clearly tailored for high-net-worth individuals. One standout feature is the SaxoSelect portfolio management service, which offers clients access to ready-made investment strategies starting from €10,000, with a transparent fee structure — 0.5% management fee and up to 20% performance fee.
-
Comment
Saxo Bank is more suitable for experienced traders with a deposit starting from $10,000. The entry threshold is quite high, but in return, the platform offers access to over 40,000 trading instruments, including bonds, ETFs, listed options, and even investment portfolios via SaxoSelect. Spreads start from 0.7 pips, with leverage up to 1:30. The SaxoTraderGO and SaxoTraderPRO terminals have a professional look and feel, though the absence of the familiar MT4/MT5 platforms may be inconvenient for some users. It’s also worth noting that customer support does not offer live chat.
-
Comment
Saxo Bank is more suitable for experienced traders with a deposit starting from $10,000. The entry threshold is quite high, but in return, the platform offers access to over 40,000 trading instruments, including bonds, ETFs, listed options, and even investment portfolios via SaxoSelect. Spreads start from 0.7 pips, with leverage up to 1:30. The SaxoTraderGO and SaxoTraderPRO terminals have a professional look and feel, though the absence of the familiar MT4/MT5 platforms may be inconvenient for some users. It’s also worth noting that customer support does not offer live chat.
-
Comment
Saxo's customer service is pretty solid. I had an issue with verifying my account during the sign-up process, but the support team was quick to respond through live chat, and everything was resolved in less than a day. The two-step login feature makes me feel more secure, especially since I trade with higher volumes. Plus, having access to their news feed and analysis directly on the platform helps me stay up to date without needing external sources.
FAQs
What should I start Forex trading with?
It is desirable for novice traders to explore trading using a demo account to learn the market and how to work on the trading platform without the risk of suffering losses. At the same time, it is advisable to review the educational materials of the broker, learn trading basics. Then you can deposit the minimum required amount to perform a small number of transactions. If you manage to close several months in a row in the black, without substantial drawdowns on the account, then you can try increasing your deposit. Also trying to copy trades automatically is a good option for a start.
What amount should I start trading with?
The minimum deposit of $10 may be enough to trade on the cent account. However, for trading on Standard/ECT accounts, experts recommend starting with at least $200-500. With this amount, you can use not a very big leverage. Remember, getting carried away with the margin is the main cause of losses among beginners.
What should I take into consideration when choosing a broker?
Experts recommend looking at the broker’s reliability first and foremost. The other important features include basic trading conditions, commissions and fees, customer reviews. If brokers are approximately the same in terms of basic criteria, you need to choose based on your experience and tasks. One broker may be good for professionals and another – for novice traders.
Is it possible to be scammed by a broker with a license from a reputable regulator?
In theory, yes. But in practice, it takes so much time and money to comply with the requirements of reputable regulators that it is not worth it for scammers to bother obtaining a legitimate license.
Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.